Just another market casaulty…

This is a sign of the times. Another casaulty in these market conditions.
Bay Holdings, LLC had the Sheriff’s Sale on the foreclosure of 294 Grove La E, Wayzata. You may better know this property as the BoatWorks in Wayzata.

The bid at the Sherriff’s Sale was for $23,062,783.11. We will likely see this property re-sold.
What do you think will become of this property? 64,179 Class B Office space with a Marina. A true Landmark for Wayzata and Lake Minnetonka.

Is the price going to adjust for it’s rental income or will someone be able to come up with a new use?

Maybe if the gambling law gets changed in Minnesota we could see a Casino/Hotel? Or if the hospitality industry makes a comeback we could see a boutique hotel? Or will we likely see it continue on as a Class B office building with a Marina?

Time will tell as we navigate through these economic conditions…